By Lisa Kerner
Erie, Pa., March 8 - Amedica Corp. said it has completed a private placement of $16.8 million series C convertible preferred stock.
Proceeds will be used to rollout Amedica's first products in the fourth quarter of 2006, to expand its manufacturing facilities for medical ceramics; to conduct clinical trials; to hire additional key personnel; to continue to pursue patent protection for its technologies and products; and for working capital.
Creation Capital LLC served as the placement agent for the financing.
"We are very pleased with the market reception and investor demand for our series C financing, as the offering was significantly oversubscribed in a very short time frame," president and chief executive officer Ashok C. Khandkar said in a company news release.
"These funds will be instrumental in allowing us to aggressively advance our product development efforts toward commercialization, and we are excited to build on the momentum from the FDA [Food and Drug Administration] clearance for our Arx ceramic spacer system."
Located in Salt Lake City, Amedica has products in development that mimic natural bones for use in hip replacement surgery; knee implants and spinal disc implants.
| Issuer: | Amedica Corp.
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| Issue: | Series C convertible preferred stock
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| Amount: | $16.8 million
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| Placement agent: | Creation Capital LLC
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| Announcement date: | March 8
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